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GETTING MARRIED? Credit repair helps Canadian newlyweds in Canada establish their credit history as a couple after the wedding

In all the excitement planning a wedding, financial realities can often be overlooked. After all, what is love if not blind? But CREDIT REPAIR can quickly become a harsh reality when a couple realizes their credit histories were also joined in matrimony at the altar during the wedding ceremony. It's the one fact never discussed by most wedding planners or pastors while planning the nuptials.

In the best situation, neither partner comes into the marriage with any financial baggage. In fact, if you both have good credit ratings, you present a strong picture to most lending institutions. In the worst situation, one partner had a bad credit rating that can seriously damage the new spouse’s credit score in Canada. (This financial fact is true even for common-law and now gay couples).

In that worse case scenario, a Canadian secured credit card at least allows the couple to maintain a reputable VISA, and start the 12-18 month process of repairing your credit history together. By using the credit card responsibility, you can re-establish the trust that banks and credit unions need if they are going to loan you money for a vehicle or house.

(Editor’s Note: Older Canadians getting married or remarried are well advised to obtain a credit report for themselves and their future spouse to make sure there are no unexpected financial surprises after the wedding. It's at least as important as the blood test. You may be unknowingly and unwillingly be inheriting a large unsecured debt or bad credit history that will require serious credit repair. Know before you vow: “In rich or in poor…”).

On the other hand, many young couples do have any independent individual credit history established before they marry. Again, a Canadian secured credit card, used responsibly, will put both new bride and groom on the road to a good credit rating for future family purchases down the road – a new vehicle, first home or caring for that bouncing baby.

Credit repair may not be the most romantic topic you discuss as a new couple when planning your wedding, but it may well be one of the most important as you set your sights on a new married life together as newlyweds in Canada. Okay, now toss me the bouquet and garter.

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